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Reindeer (RDT)

Correlation

0.23

Influence

5.29%

Bitcoin and Reindeer Correlation

Does Reindeer depend on Bitcoin? According to the correlation analysis, BTC and RDT have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was measured based on the last 100-days' price movements of both cryptocurrencies.

This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.

The negative coefficient indicates that the prices of the coins are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Reindeer connection is positively strong, it means that when BTC is growing RDT will grow as well. The negative strong relation will show that when BTC is growing RDT price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Reindeer. If we take all the aspects affecting the price of RDT as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other aspects, such as news, events or crypto related laws.